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hello guys welcome to Allen Subaru in this video we will learn about contract of indemnity which is defined in section 124 of Indian contract act 1872 I am Ruth nish Parekh so lets start ing to section 124 of Indian contract act 1872 indemnity contract is a contract by which one party promises to save the other from lost cause to him by the conduct of promising himself or by the conduct of any other person indemnity is a part of general class of contingent contracts because indemnity depends upon the happening of an anticipated loss now lets take an example a person has a contact of fire insurance with insurance company and subsequently he suffered losses due to fire in this case he need not worry because insurance company will compensate for the losses as it was a contract of indemnity person who is saved from the loss is known as indemnified or indemnity holder and insurance company will be known as indemnify ER now we know that there are two parties in a contract of indemnity inde
